How did you find the exam?

[abcdqdxD]

is it wrong to have capital as a debit
 

Never seen debit capital before.. :S

[Nima2703]

4a was advertising? i got 6000 for paid and 4800 for incurred?

[DiMennzzaa]

was capital a debit?

[abcdqdxD]

hopefully every did well and can relax now (much needed).

wat were some questions u thought it was difficult??

Question 4 was difficult - BDA :S

[Tragesty]

4a asked for cash paid, so I did 2 months at $1200 and 10 months at $1440?
4b screwed me up bad, I took my amount from 4a, and reducted 1200 as July 2011 was already payed for, and deducted $1440 cause June 30th's payment was for the next month?

[StumbleBum]

What did everyone write for 3.e?
it was:
Explain the effects on the income statement for the month ended 20 june 2012 if memo 9 was not recorded (memo 9 was stock given to local shopkeepers as promotion).

I said that overall it would have no effect because the unaccounted for stock would be picked up in the physical stocktake and therefore profit wouldn't be effected.

[abcdqdxD]

What did everyone write for 3.e?
it was:
Explain the effects on the income statement for the month ended 20 june 2012 if memo 9 was not recorded (memo 9 was stock given to local shopkeepers as promotion).

I said that overall it would have no effect because the unaccounted for stock would be picked up in the physical stocktake and therefore profit wouldn't be effected.

Yes thats the same as what I wrote.

[abcdqdxD]

4a asked for cash paid, so I did 2 months at $1200 and 10 months at $1440?
4b screwed me up bad, I took my amount from 4a, and reducted 1200 as July 2011 was already payed for, and deducted $1440 cause June 30th's payment was for the next month?

No point stressing over it now, we can't change our answers.

All we can do is just hope for the best and wait

[Tragesty]

Yeah true, ah well what's done is done.

Off to start Unit 4, I guess.

[abcdqdxD]

Yeah true, ah well what's done is done.

Off to start Unit 4, I guess.

Wow, so determined to do well.

[DiMennzzaa]

was it a stock loss of 5?

[abcdqdxD]

For everyone worrying about Question 1:

I have just confirmed that the "overdraft facility of $10000" simply means overdraft limit - this is not the actual bank balance of the firm.

Hence, Capital with a debit balance is not possible.

[abcdqdxD]

was it a stock loss of 5?

Yes, I got a stock loss of 5 units from memory. Worth $60 in total I believe.

[jono88]

q4c. With reference to one accounting principle, explain why advertising expense for the year is not the same as the amount paid for advertising. What did everyone put?

[abcdqdxD]

q4c. With reference to one accounting principle, explain why advertising expense for the year is not the same as the amount paid for advertising. What did everyone put?

Reporting Period - profit is calculated on an accrual basis